Copy article

Is the government doing enough to combat the housing crisis

Journalist: Jake Carter, Mortgage Introducer

ended 14. June 2023

Do you believe the government is doing enough to combat the housing crisis?

What else do you believe they could do?

What are some of the key areas the government are neglecting?

How would you like to see the housing crisis solved? What are the government's first steps to achieving this?

7 responses from the Newspage community

Copy all

Copy

Editor
Emma Jones
Managing Director at Whenthebanksaysno.co.uk
The introduction of 100% mortgages has led to disappointment for many who have been denied due to stricter assessments of creditworthiness and affordability. However, this has highlighted the desire of many people to purchase a home, despite the challenge of saving for a deposit while paying high rents. To address this, it may be beneficial to implement affordable housing schemes that encompass the entire property market, not just new builds. Additionally, incentivising landlords to offer equity discounts towards their tenants' deposits may encourage more buyers to purchase from their landlords, which could reduce the number of accidental landlords in the market and assist those wanting to offload due to rising interest rates and tax liabilities!
Copy

Editor
Aaron Strutt
Product and Communications Director at Trinity Financial
The recent comments from the Bank of England economist saying that we need to get used to being poorer are quite telling. The government need to act to try and bring a period of economic stability. At the moment it seems like the government and the Bank of England have different ideas when it comes to managing the current economic situation and they make announcements without thinking about the outcomes and the effect on people and their finances. Surely they need to work together more closely on significant policy announcements.
Copy

Editor
Imran Hussain
Director at Harmony Financial Services
If the government really cared about housing rather than using it as a political football we not have had 20 housing ministers since the 90s and we would be building much more affordable and social housing, the gorverment is partly at fault for the housing crisis we have help to buy equity loans have done nothing but inflate pricing of new builds whereas if they focus on upskilling younger people to enter the trades we not have a skills shortage in the building trade which would allow more homes to be built at affordable prices for the working public to afford, the next housing minister be it tory or labour has to not use the post as a stepping stone but actually be serious about housing or we will have lost a whole generation who will never purchase a home.
Copy

Rhys Schofield
Brand Director at Peak Mortgages and Protection
If government took housing seriously we wouldn't have had over 20 housing ministers since 1997. It's bizarre that something as vital as everyone having a good home is not seen as one of the most important ministerial positions. As someone in the industry, it's immensely frustrating to see new schemes and incentives but nothing to really deal with the root cause of housing issues, lack of supply. We don't have enough houses and we don't build enough houses. Any government needs to launch a massive housebuilding campaign and if building on greenbelt isn't an option look at making high rise living attractive. An option which works well in urban areas the world over.
Copy

Graham Cox
Director at Bridging Hub
For me, the government's actions are the primary cause of the housing crisis. Stamp duty holidays, help to buy, rent to buy, lack of house building, lax monetary policy, you name it, they've pretty much done the opposite of what they should have done.

The solutions aren't rocket science. Relax planning and allow councils to start building social housing at vast scale so people have affordable places to rent. Abolish rent to buy, shared ownership, or any of the other schemes that only make housing less affordable because they address the symptom, not the cause, that house prices are too high.

The other thing they should do is re-include house prices in the 2% inflation target. Allow wages to catch up. And tax property investment to deter it from being treated as a speculative asset class.






Copy

Austyn Johnson
Founder at Mortgages For Actors
Do the government do enough of anything?
Copy

Joe Stallard
Director and Advisor at House and Holiday Home Mortgages
Action is a verb. There are plenty of ways to ease the housing crisis with a bit of flair and a willingness to roll up collective ministerial sleeves and act. For one thing, it's obvious we need to be building more affordable homes and if that means considering alternative methods of construction, then do it.

Removing/altering stamp duty for downsizers is a simple method that would help free up property for families who need more space.

And reworking the buy to let regulations to ensure landlords are encouraged to provide good quality affordable housing, rather than being chased out of the market. With a focus on quality and professionalising and improving the sector, we could make private renting a cool affordable choice. Like it is in Italy.